Common use of WHEN PAYABLE Clause in Contracts

WHEN PAYABLE. Maintenance charges in accordance with Section 3 above shall be payable in advance. All payments shall be due within 30 days of receipt of ▇▇▇▇▇▇.▇▇▇. Inc.'s invoice. All overdue invoices shall bear interest at the rate of 19.56 percent per annum (1.5 percent per month compunded monthly).